THE TAX MAN COMETH!

17 August 2007

From September 1 UK remote gambling operators face a 15 percent tax rate

The advent of the new gambling dispensation in Britain on September 1 carries the promise of legality and better business for UK remote gambling licensees....and the downside of taxation by Her Majesty's Revenue and Customs department.

The full implementation of the Gambling Act 2005 on that date also heralds the start date for taxation in terms of the Act, under which the remote gaming duty set by former Chancellor and now prime minister Gordon Brown will be 15 percent of a remote gaming provider’s profits at the end of each accounting period.

Unless already liable in terms of other UK gambling duties, remote (online) operators will be liable for reporting earnings and paying tax. Remote gaming duty is also payable on the illegal (unlicensed) provision of remote gaming in the UK, such as a scenario where the provider is not licensed to provide such gaming or, in the case of Northern Ireland, where remote gaming provision is prohibited.

Online Casino News courtesy of InfoPowa